The term "business" has at least three usages, depending on the scope — the general usage (above), the singular usage to refer to a particular company or corporation, and the generalized usage to refer to a particular market sector such as "the record business," "the computer business," or "the business community" -- the community of suppliers of goods and services.

The singular "business" can be a legally-recognized entity within an economically free society, wherein individuals organize based on expertise and skills to bring about social and technological advancement.

With some exceptions, (such as cooperatives non-profit organizations and typically government institutions), in predominately capitalist economies, businesses are formed to earn profit and grow the personal wealth of their owners.